Evraz PLC, Petropavlovsk PLC and Polymetal International PLC said on Wednesday that they do not consider themselves to be affected by Russian sanctions.

Shares in Evraz were up 12% at 87.21 pence on Wednesday morning in London. Petropavlovsk leaped 22% to 3.65p and Polymetal surged 22% to 112.00p also on Wednesday morning.

The Russia-linked mining companies said separately that they do not believe themselves to be an ‘entity owned by, or acting on behalf or at the direction of any persons connected with Russia’.

Polymetal reported that all its operations in Russia and Kazakhstan continue undisrupted. The company added that the scope of its operational activities and production guidance also remain stable, though it noted sales of bullion in Russia have been hurt by sanctions.

The miner said that it routinely carries at least three months’ worth of consumption in stockpiles of critical materials, consumables and spare parts. This extra inventory, it said, will provide a safety buffer in case of unforeseen supply chain disruptions.

Evraz similarly said the sanctions imposed on Russia have seen ‘no material direct impact on day-to-day operations’ on the company.

It also highlighted that some major shareholders - namely Roman Abramovich, Alexander Abramov and Alexander Frolov - are not necessarily ‘connected with Russia’, despite being Russian nationals.

Evraz said it is aware that if it does become ‘an entity owned by, or acting on behalf or at the direction of, a person ’connected with Russia’’ then it could see its listing in London suspended. Evraz added that it will continue to monitor its position.

Petropavlovsk said that as at January 31, being the latest date at which such analysis was performed, 49.9% of the company’s share capital was owned by Russian individuals or entities and thus does not consider itself restricted by the sanctions. It added that it would seek confirmation from the Office of Financial Sanctions Implementation that its interpretation of the regulations is correct.

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